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Home Builders Work To Survive Economic Downturn

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Nov 20, 2008 6:57 am US/Mountain

Home Builders Work To Survive Economic Downturn

Reporting
Shaun Boyd
LOUISVILLE, Colo. (CBS4) ― A Colorado couple that has been building homes for 45 years came out of retirement to help guide their business, McStain Neighborhoods, through the touch economic downturn gripping the country.

Tom and Caroline Hoyt cut their staff from 120 to 20, reduced new home starts by half and closed their headquarters, moving their office into the virtual world.

The Hoyts said despite all the changes, it is still difficult to project even a month out.

The couple said the difference between this downturn and the real estate depression in the 1980s is this one is driven by consumer confidence.

"So we thought we'd seen worst things that could happen, but this is more complex and in some ways more difficult and fortunately we survived that one and we fully intend to survive this one although exactly what plan we use, it keeps changing," said Tom Hoyt.

The Hoyts predict their competition will follow their lead when it comes to a virtual office. They said until confidence picks up and credit loosens, it is anyone's guess when things will turn around.

McStain will build less than 100 homes in the metro area next year.

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